FROM THE BTP AUCTION, A MEDICINE FOR BUSINESS PLACE
BANKS START AGAIN, FONSAI AND MILAN FALL
It wasn't easy, given the market conditions. But the Italian Treasury has overcome the obstacle of the auction. The overall demand egre new 3-year BTPs it was 6,2 billion euro against an offer of 3,75 billion securities, placed at a yield of 2,86%, slightly up from the 2,75% of the previous auction in mid-September. In addition, other BTPs were placed at various maturities for 2,25 billion, equal to the maximum amount envisaged.
After the positive conclusion of the auction of Italian BTPs, Piazza Affari improves with the FtseMib index which cancels the loss, going from the previous -0,6% to +0,13% at 15.460. The Madrid Stock Exchange also improved, with the Ibex index more than halving its loss to -0,35% from the previous 1% drop. Starting in the morning. The Milan and Madrid stock exchanges had been penalized by Standard & Poor's decision to downgrade Spain from BBB+ to BBB-, just one step above the junk level. The other markets are doing better: Paris +0,51%, Frankfurt +0,66% and London +0.44%.
The engine of the recovery was the banks, which moved into positive territory: Unicredit rises by 1%, Intesa +1%, PopolareMilano +0,3%, Mediobanca +0,2%. Still under MontePaschi which, however, reduces the loss to -0,7%.
Insurance is down, above all Fondiaria-Sai and the subsidiary Milano Assicurazioni which lost 3,9% and 4,1% respectively, after Consob contested Milan's 2011 financial statements. Unipol drops by 0%.
Il Oil prices it is rising with Wti at 91,8 dollars a barrel (+0,6%) and Brent at 115,1 dollars (0,7%). But Eni drops by 0,1% Saipem by 1,1%. Madrid's problems weigh on Enel – 0,5%: Enel controls Endesa, the country's leading electricity producer, now down by 0,6%.
Among industrialists, StM suffers in particular -1,3%, after Deutsche Bank lowered the target price to 3,5 euros from 3,9 euros. On the contrary, Fiat accelerates up 1,5%.
Impregile it drops by 0,4% after the disappointment of the government's failure to allocate the 300 million intended to compensate the companies that had won the tender for the bridge over the Strait of Messina.
